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Enron Mail |
----- Original Message ----- From: <James_Pelland@Dell.com< To: <cweldon@houston.rr.com<; <pat.kannar@intel.com<; <patrick.keating@commerceone.com<; <melhaj@yahoo.com<; <mchadduck@yahoo.com< Sent: Wednesday, January 23, 2002 5:05 PM Subject: FW:leverage < Feudalism < You have two cows. < Your Lord takes some of the milk. < < Fascism < You have two cows. < The Government takes both, then hires you to take care of them and sells < you the milk. < < Communism < You have two cows. < You must take care of them, but the government takes all the milk. < < Capitalism < You have two cows. < You sell one and buy a bull. < Your herd multiplies, and the economy grows. < You sell them and retire on the the income. < < Enron < You have two cows. < You borrow 80% of the forward value from your bank then buy another cow < with 5% down and the rest financed by the seller on a note callable if < your market cap goes below $20B at a rate 2 times prime. You now sell < three cows to your publicly listed company, using letters of credit < opened by your brother-in-law at a 2nd bank, then execute a debt/equity < swap with an associated general offer so that you get four cows back, < with a tax exemption for five cows. The milk rights of six cows are < transferred via an intermediary to a Cayman Island company secretly < owned by the majority shareholder who sells the rights to seven cows < back to your listed company. The annual report says that the company < owns eight cows, with an option on one more and this transaction process < is upheld by your independent auditor with no negative balance sheet < implications, followed by a press release that announces that Enron as a < major owner of cows may begin trading cows via a new internet site "COW" < (cows on web). <
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